Monday August 17, 2009 - 12:24:49 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 17-Aug-2009 - 1222 GMT
EURO, JAP YEN and EURO-YEN
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Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
USD-CHF @ 1.0805/08...Resistance at 1.0890
R: 1.0853 / 1.0957 / 1.1079
S: 1.0782-66 / 1.0749-29 / 1.0678
Swiss continued its upmove during the day and is now trading above 1.0800. If it continues to trade higher we may see a rise towards the Resistance seen at 1.0890. A break above this Resistance might see 1.0950 on the upside in the coming days.
On the other hand if the Resistance at 1.0890 holds, we may see a pull back towards 1.0750-30. We expect this Reistance at 1.0890 to hold in the coming session.
GBP-USD @ 1.6312/15...May dip towards the lower end of the Channel (1.6220-00)
R: 1.6393 / 1.6437 / 1.6470-72
S: 1.6220-00 / 1.6100-6080 / 1.5980
Cable continued to trade below the 55-DMA and fell sharply during the day breaking below 1.6300 and is now trading lower. If the current downmove continues we may see a dip towards 1.6220-00 in the US session. Note that 1.6220-00 is the lower end of the channel in which it has been trading and we may expect a bounce back from here. Any sharp upmove is not looking likely now. To see the Channel on the GBP-USD graph click on the following link:
AUD-USD @ 0.8182/85... Immediate Support at 0.8150
R: 0.8248 / 0.8275-98 / 0.8315-37
S: 0.8150-40 / 0.8101-0.8095 / 0.8020-00
Aussie continued its downmove during the day and tested the Support at the 200-MA on the 4-hr chart (0.8150) mentioned earlier. If this Support holds and it gains upside momentum, we may see a rise towards 0.8270-0.8300 in the coming session. However, if it continues to trade below 0.8200, a break below the Support at the 55-DMA on the 4-hr chart (0.8150) might pull it down towards the 55-DMA (0.8095) which is a significant level to watch for on the downside.
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